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alekssr [168]
3 years ago
8

(Ignore income taxes in this problem.) If you wanted to withdraw $12,000 from a bank account at the end of each of the next 20 y

ears, approximately how much would you have to invest in the account today assuming a 6% interest rate
Business
1 answer:
prisoha [69]3 years ago
4 0

Answer:

The money should be invested in bank = $137,639.05

Explanation:

Given  annually withdrawal money (annuity ) = $12000

Number of years (n ) = 20 years

Interest rate  = 6 percent.

Since a person withdraw money annually for next 20 years with 6 percent interest rate. Now we have to calculate the amount that have been invested in the account today. So below is the calculation for invested money.  

\text{Present value of annuity} = \frac{Annuity [1-(1 + r)^{-n}]}{rate} \\= \frac{12000 [1-(1 + 0.06)^{-20}]}{0.06} \\=12000 \times 11.46992122 \\=137,639.05

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Briefly explain one of the parts of henry clay's proposed american system, a comprehensive plan to bring about economic improvem
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<span>One part of Henry Clay's proposed American system to bring about economic improvement included support for a high tariff, the intent of which was to protect American industries while also generating revenue for the federal government.</span>
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Meili's employer distributes checks at the end of each quarter, representing an equitable portion of 5 percent of the company's
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Answer:

profit sharing

Explanation:

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The MR = MC rule Multiple Choice applies both to pure monopoly and pure competition. applies only to pure competition. applies o
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The MR = MC rule C. applies only to pure monopoly.

<h3>What is monopoly?</h3>

It should be noted that monopoly simply means the only seller of a good to service in the market.

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In conclusion, the correct option is C.

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brainly.com/question/13113415

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3 0
2 years ago
Career fulfillment means:
castortr0y [4]
Answer is a hope this helps cause its like common sense
6 0
3 years ago
Read 2 more answers
Glen wants to take a holiday that costs $8,850, but currently he only has $2,750 saved. if he invested his money at 8 percent in
Katarina [22]
<span> <span>Solution:

A = P(1+r)^n

where,
A = amount
P = principal
r = rate of interest
n = number of years

Putting values in the formula,

8850 = 2750(1+0.08)^n

8850/2750 = (1+0.08)^n
log will be used to solve "n" as it is in the exponent form, which gives,

log(8850/2750) = n log(1+0.08)

By solving, we get n = log(8850/2750) / log(1+0.08)

Using financial calculator, value comes as 15.187 rounded to 15.19.

So, he will have to wait for 15.19 years to take holidays as it will take 15.19 years to make $8850 from $2750 @ 8% annual compounding.</span> </span>
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3 years ago
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